Home Business Financial institution of Eire blames pay cap for departure of CFO

Financial institution of Eire blames pay cap for departure of CFO

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Financial institution of Eire updates

Financial institution of Eire, one of many nation’s three retail banks, is dropping its chief monetary officer after a pay cap launched within the wake of the monetary disaster prevented it from matching a wage provide from one other firm.

Myles O’Grady joined the financial institution in June 2019 and has been CFO since October that yr. He’s leaving subsequent March to affix an as but undisclosed firm exterior the monetary sector, the financial institution mentioned in a press release.

Following Eire’s 2008 banking disaster, which prompted the eurozone’s most costly banking bailout, government pay was capped at €500,000 and bonuses and incentivised pay have been banned.

“Myles’ determination to depart the Irish banking sector highlights the problem that remuneration restrictions characterize for Irish banks in attracting and retaining expertise,” Francesca McDonagh, chief government, mentioned within the assertion.

“The shortage of a stage enjoying discipline means Financial institution of Eire is at a aggressive drawback to different corporations, corporates and PLCs who aren’t restricted in the identical manner.”